ED Probes Soros-Founded Agency Over FEMA Violations

The Enforcement Directorate searched premises linked to George Soros-founded entities in Bengaluru for alleged FEMA violations. The investigation focuses on foreign direct investment and fund utilization by Open Society Foundations and Economic Development Fund. The ruling BJP has criticized Soros, raising political tensions.

The Enforcement Directorate (ED) conducted a series of searches in Bengaluru on Tuesday, targeting entities linked to billionaire George Soros. This move is part of an ongoing investigation into alleged violations of foreign exchange regulations by the Open Society Foundations (OSF) and its Economic Development Fund (EDF).

According to official sources, eight premises related to international human rights organizations and Aspada Investments Pvt. Ltd., among others, were raided under the Foreign Exchange Management Act (FEMA). The inquiry is centered on alleged foreign direct investments totaling Rs 350 crore, purportedly distributed over a decade by Soros-associated entities.

Moreover, the ruling BJP has accused Soros of undermining India's interests, fueling existing political tensions. Additionally, investigations aim to shed light on the utilization of funds sent by the United States Agency for International Development (USAID) to India, as authorities continue to delve deeper into the financial intricacies involved.

(With inputs from agencies.)